Guardian Gold Weekly Market Update
Welcome to our weekly market update, covering moves across various financial markets, with a quick look forward to upcoming data releases.
Last week’s market moves:
Precious Metals (in USD):
Asset | Jan 10 Price | Jan 17 Price | % Change | |
Gold | $2,689.33 | $2,702.19 | +0.48% | |
Silver | $30.10 | $30.80 | +2.33% | |
Platinum | $932.00 | $938.00 | +0.64% |
Data sourced from Exchange-Rates.org and Kitco.
Precious Metals (in AUD):
Asset | Jan 10 Price | Jan 17 Price | % Change |
Gold | A$4,377.03 | A$4,369.90 | -0.16% |
Silver | A$49.47 | A$49.60 | +0.26% |
Data sourced from Guardian Gold.
Equity Markets:
Index | Jan 10 Close | Jan 17 Close | % Change |
S&P 500 | 5,836.22 | 5,996.66 | +2.75% |
ASX 200 | 8,231.00 | 8,310.40 | +0.96% |
Data sourced from The Australian.
Cryptocurrency:
Asset | Jan 10 Price | Jan 17 Price | % Change |
Bitcoin | $95,000 | $101,000 | +6.32% |
Data sourced from The Australian.
Currency Exchange:
Currency Pair | Jan 10 Rate | Jan 17 Rate | % Change |
AUD/USD | 0.6181 | 0.6199 | +0.29% |
Data sourced from The Australian.
Commentary:
The modest gains in precious metals were influenced by subdued U.S. core inflation data, raising expectations of further Federal Reserve rate cuts, which typically bolster non-yielding assets like gold and silver. Equity markets experienced gains, with the S&P 500 and ASX 200 indices closing higher by the end of the week. This positive performance was supported by investor optimism regarding potential gradual implementation of tariffs by the incoming U.S. administration, aiming to manage inflation risks. Bitcoin’s rise above $101,000 USD was short lived, as we trade below the $100k mark at time of writing. The Australian dollar’s slight appreciation against the U.S. dollar reflects a slight recovery off oversold levels.
Outlook for the Week of January 20 to January 24, 2025
As we look ahead to the upcoming week, several key events and economic data releases are poised to influence financial markets:
Economic Data Releases:
- Wednesday, January 22:
- U.S. Leading Economic Indicators (December): Provides insight into future economic activity.
- Thursday, January 23:
- Initial Jobless Claims (Week ending January 18): Offers data on the labour market’s health.
- Friday, January 24:
- Existing Home Sales (December): Indicates the health of the housing market.
- Consumer Sentiment Index (January): Reflects consumer confidence in economic conditions.
- S&P Global Manufacturing and Services PMI (January): Gauges the performance of the manufacturing and services sectors.
Central Bank Activity:
- Friday, January 24:
- Bank of Japan Monetary Policy Decision: The central bank is expected to announce its interest rate decision, which could influence global financial markets, including precious metals.
Investors should monitor these events closely, as they have the potential to influence market volatility and inform investment strategies in the coming week.
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